Experienced Real Estate Lawyers Serving Southeast Michigan
When Is the Best Time to Consider a Short Sale of Your Home?
Are you struggling to make your monthly mortgage payments? Do you fear you may lose your job in the near future? Are you facing foreclosure? Just as there are many circumstances that put homeowners at risk, there are many situations in which considering a short sale as a way to avoid foreclosure is a good idea.
When is the best time to do so? Now.
At Melder & Melder, P.C., we have a clear understanding of the federal programs intended to help homeowners avoid foreclosure. We understand the federal incentives put in place to encourage banks to negotiate short sales and mortgage loan modifications. The Mortgage Forgiveness Debt Relief Act of 2007 limits tax liability homeowners previously faced for loan forgiveness in short sales, making the advantages of a short sale the greatest they have been in years.
We help troubled homeowners take proactive steps to avoid home foreclosure and its effect on their credit. Considering a short sale's advantages and disadvantages in this unprecedented time in real estate, is the key to making the decision that is right for you. Melder & Melder, P.C. has been helping people with real estate issues since 1974.
Considering a Short Sale? The Time to Act Is Now
If you are upside-down on your mortgage and your troubles making your mortgage payments are not temporary, things are unlikely to get better. Depleting your financial resources and then ultimately facing foreclosure anyway is the worst-case scenario.
A better option is to become proactive and resolve the situation before foreclosure. Unfortunately, if you sell your property for less than you owe — which is common in today's real estate market — you would still owe the unpaid portion of the mortgage. In a short sale, your bank agrees to let you sell the property at market price.
Experienced real estate attorneys, Sanford J. Melder and Aric K. Melder advise clients to consider a short sale solution before they fruitlessly spend down their savings trying to pay a mortgage they can't afford.
In order to determine if considering a short sale is a good option for you, we will examine all of the specific factors causing your financial hardship, such as:
- Unaffordable adjustable rate mortgage (ARM)
- Job loss or decrease in pay
- Death of your spouse
- Disability or illness
- Inability to find renters for a rental property
Depending on your individual situation, your best option may be a short sale, a deed in lieu of foreclosure, or a mortgage modification. We can assess your situation and explain your options in plain English.
Free Initial Phone Consultation With an Attorney
Local: 248-556-2682 | Toll Free: 866-795-0035
If you are considering a short sale to avoid foreclosure, Melder & Melder can help you explore whether this option is right for you. Call our Royal Oak law office or contact us online to schedule a free initial phone consultation.